The National Federation of Independent Businesses projects the health-insurance tax will add an additional $475 per year for the average individually purchased family policy—nearly $5,000 over the course of a decade. Small businesses will take an even bigger hit, with the cost of an employer-provided family policy rising a projected $6,800 in the next decade.
Gee, did President Barack Obama forget to mention this little noticed tax during his "victory lap" in the Rose Garden when Obamacare allegedly hit the 7-million mark for signups?
Oops, must have forgot about it. Or he's so ignorant about what his "signature healthcare" legislation (deceptively called the Patient Protection and Affordable Care Act) actually does, that he might not even be aware of this tax that's buried in the thousands of page of the law. Just like he said you could keep your doctor.
It tax is fully described here (subscription might be required) in a Wall Street Journal piece by Bernie Marcus, co-founder and former chairman and CEO of Home Depot, is founder of the Job Creators Network.
Consider the "fee"—really a hidden sales tax—that all health-insurance companies have been forced to pay since the first of this year on premiums for policies sold to individuals and small and medium-size businesses. The health-insurance tax—known as HIT in business circles—is expected to generate revenues of about $8 billion this year and as much as $14.3 billion by 2018, according to the legislation.
The Congressional Budget Office and the Joint Committee on Taxation predict that insurance companies will pass the cost on to customers, as any company subject to such a tax would. In other words, millions of Americans lucky enough to keep their current health insurance under ObamaCare will be paying much higher premiums because of this tax, with the added cost rippling through the economy and stifling job creation.
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